XN000022-1989-01-16 — Page 4

MONDAY, JANUARY 16, 1989

3

MOVE TO PLUG LOOPHOLES IN MONEY CHANGERS LAW

* *

THE MONEY CHANGERS

ORDINANCE IS TO BE REVISED ΤΟ PROVIDE BETTER PROTECTION FOR TOURISTS AND OTHERS WHO CHANGE FOREIGN CURRENCY.

SAID THE SECRETARY FOR TRADE AND INDUSTRY, MR HAMISH MACLEOD,

IDENTIFIED IN THE MONEY CHANGERS TODAY (MONDAY) THAT DEFICIENCIES

LOOPHOLES AND ORDINANCE NEEDED AMENDMENT TO REMOVE A NUMBER OF LEGAL AMBIGUITIES,

THE

THE PROBLEM HAD FOUND THAT A WORKING GROUP SET UP TO STUDY

OR MISLEADING INFORMATION, SOME MONEY CHANGERS WERE PROVIDING FALSE

WITH OTHER

OF PROVISIONS TO COMPLY

ORDINANCE. AND FAILING DIFFICULTIES IN ENFORCEMENT MEANT THAT THESE INFRINGEMENTS OF THE WERE NOT BEING PUNISHED, AND THE LAW WAS BEING FLOUTED.

LAW

COUNCIL FROM THE CIVIL

BY THE SECRETARY FOR THE WORKING GROUP, ESTABLISHED IN 1986 TRADE AND INDUSTRY, COMPRISED REPRESENTATIVES OF THE CONSUMER

AND ASSOCIATION,

OFFICIALS AND

KONG THE HONG

TOURIST ECONOMIC SERVICES BRANCH, THE ROYAL HONG KONG POLICE FORCE, THE AVIATION DEPARTMENT AND THE LEGAL DEPARTMENT.

SHOULD

BE

ORDINANCE

THE NOTICE BOARD CLEAR IDEA OF THE

THE THAT THE WORKING GROUP RECOMMENDED AMENDED TO SPECIFY PRECISELY WHAT MUST BE SHOWN ON AND THE TRANSACTION NOTE SO THAT CUSTOMERS HAD A TERMS OF THE EXCHANGE OF MONEY.

THE MAIN PROVISIONS OF A NEW BILL DUE TO BE GAZETTE INCLUDE

PUBLISHED IN THE

A

REQUIREMENT

THAT

TRANSACTION

FINALISED.

A MONEY NOTE BEFORE THE

ΤΟ THE NOTE IS

CHANGER

EXCHANGE

MUST

BE

COMPLETE TRANSACTION BILINGUAL AND

A

IS EASILY

UNDERSTOOD:

*

THE MONEY CHANGER MUST ONLY USE NET RATES OF EXCHANGE,

THAT

IS AFTER DEDUCTING ALL CHARGES AND COMMISSIONS, IN THE NOTE;

DISPLAYING CLEARLY FOR

THE MONEY CHANGER MUST MAINTAIN A BOARD

OF THE NET

RATES BUYING AND SELLING CURRENCIES LISTED IN A SCHEDULE TO THE BILL.

EXCHANGE,

ON THE BOARD, THE MONEY NET RATES

FOR OTHER CURRENCIES NOT LISTED CHANGER MUST ADVISE A CUSTOMER IN WRITING OF THE HF IS PREPARED TO OFFER:

MONEY CHANGER FROM

DISPLAYING FALSE OR MISLEADING

A NEW CLAUSE PROHIBITING A FALSE OR MISLEADING NOTICES OR MAKING STATEMENTS;

DIRECTORS,

MANAGERS

THE EXTENSION OF CRIMINAL LIABILITY TO OR SECRETARIES OF CORPORATE MONEY CHANGERS.

/AT A